WAVEBOB READY FOR BACKING

Irish Wave-Energy Technology Developer Wavebob in Funding Round
Louise Downing, January 13, 2012 (Bloomberg News)

"Wavebob Ltd., the Irish technology company seeking to harness the power of the ocean to produce clean energy, is seeking to raise 10 million euros ($13 million) by the end of March…[and is] in due diligence with two strategic investors and…[throughout] the financial community…

"Energy from the waves has the potential to supply as much as 13 percent of current world electricity consumption…[but] currently costs about $434 a megawatt-hour…compared with about $76 a megawatt-hour for coal-fired power…"

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"Wavebob in March teamed up with Spain’s Abengoa SA (ABG) to evaluate potential locations for wave-energy farms around the world and to commercialize Wavebob’s technology, in a six-year agreement…Wavebob plans to install three machines, in Scotland, Portugal and the U.S., in the next two years…

"…It’s in the process of finalizing a manufacturing tender for its project in Scotland and is seeking to have a 100-kilowatt machine installed and working by the first quarter of 2013. The company then expects to install a device in Portugal in the third quarter of that year and is working toward a 500-kilowatt system in the U.S. in 2014…[It hopes to seek partners in three-to-four years]…Possible buyers include wind-energy developers and engineering companies."